Congress Passes Housing Bill as US Faces 10 Million-Home Shortage
Updated
Updated · Bloomberg · Aug 14
Congress Passes Housing Bill as US Faces 10 Million-Home Shortage
3 articles · Updated · Bloomberg · Aug 14
Summary
A sweeping bipartisan housing affordability bill cleared Congress this summer, aiming to boost US housing supply as high prices and elevated mortgage rates keep many buyers sidelined.
The push follows nearly 20 years of underbuilding after the 2008 financial crisis, leaving the US short about 10 million homes, according to the White House.
The bill’s effects are expected to take years, leaving current regional strains intact even as some Sun Belt and Western markets cool with new supply.
Midwest affordability is already eroding: June list price per square foot rose 1.5% from a year earlier, versus a 2.1% national decline, showing price pressure spreading beyond the pandemic boom regions.